ARC ENERGY IDEAS

The Honourable Jason Kenney, a former federal MP and Alberta Premier, shares his insights on Canada’s pressing pipeline politics. He discusses Alberta's push for a West Coast pipeline, the controversial Alberta Next initiative, and the possibility of reviving the Keystone XL project. Delving into the challenges of political polarization, Kenney warns that separatist sentiments could harm investor confidence. He also emphasizes the importance of Indigenous consultations and argues for a balanced approach to climate policy, advocating for realistic energy goals.

Joining the discussion is Photinie Koutsavlis, Vice President of Economic Affairs and Climate Change at the Mining Association of Canada, who brings deep insights into the mining industry's landscape. She highlights the economic significance of mining, the barriers to investment, and evolving infrastructure needs. Koutsavlis delves into Canada’s role in critical minerals and compares U.S. and Canadian industrial responses. With intriguing takes on permitting timelines and China's influence on global pricing, this conversation unveils the complexities of Canada's mining sector.

This week, the hosts dive into Canada's energy ambitions and its struggle against becoming a 'market hostage.' Peter emphasizes the need for Canada to elevate its energy strategy, considering geopolitical shifts and economic coercion. They discuss the importance of diversifying export markets and the potential demand in Asia for Canadian oil and gas. The four tiers of national energy ambition—market hostage, competitor, negotiator, and aggressor—are explored in depth, along with the vital role of aligning government and Indigenous interests in achieving these goals.

Brian Schmidt, Founder and CEO of Tamarack Valley Energy, shares insights from Alberta's oil industry. He discusses the unique characteristics of the Clearwater play, advanced drilling technologies, and the significant role of Indigenous partnerships in operations. Brian highlights regulatory challenges and the impact of pipeline capacity on investment decisions. He reveals how investor focus on ESG has evolved and how recent government messaging is changing sentiments towards energy investment. The conversation dives into the future of capital allocation and needed policy reforms for sustained growth.

David Nikolejsin, a strategic advisor at McCarthy Tétrault with vast experience in B.C.'s environmental assessments, shares valuable insights on advancing major projects. He discusses the federal Major Projects Office and emphasizes the need for clear roles between federal and provincial entities. Nikolejsin also explores the evolution of Indigenous rights in B.C. and stresses the importance of collaborative agreements. He argues for a focus on actionable results over bureaucratic processes while acknowledging the challenge of reconciling LNG growth with climate goals.

This week, our guest is Eric Nuttall, Partner and Senior Portfolio Manager at Ninepoint Partners. Eric manages the Ninepoint Energy Fund (NNRG) and the Ninepoint Energy Income Fund (NRGI).  Here are some of the questions Peter and Jackie asked Eric: How would you compare investing in Canadian oil and gas producers versus U.S. companies?  Do you still believe Canada is undervalued relative to the U.S., as you did when we spoke a few years ago? With OPEC announcing on September 7, 2025, that it will add even more supply to the market, why are oil prices remaining so resilient, and what is Saudi Arabia’s strategy? What are your expectations for North American natural gas prices, particularly in Canada, which has experienced exceptionally weak pricing this year? Canada has seen a wave of consolidation in the oil patch—how do you view corporate consolidation in this context? You have long advocated for oil and gas producers to buy back shares, but if Canada succeeds in building new export pipelines for oil and gas, would you support companies growing production to create value rather than relying solely on buybacks? How can new export pipelines be built if investors continue to prefer buybacks over growth? Finally, do you believe Canadian oil and gas companies still trade at a “green discount” due to climate policies that burden the sector?Please review our disclaimer at: https://www.arcenergyinstitute.com/disclaimer/ Check us out on social media: X (Twitter): @arcenergyinstLinkedIn: @ARC Energy Research Institute Subscribe to ARC Energy Ideas PodcastApple PodcastsAmazon MusicSpotify

After a summer break, Peter and Jackie are back with their weekly podcast. This week, they catch up on the events and news headlines from the summer, including: Geoeconomics – recap examples where countries use economic tools to influence foreign affairs – as well as more moves towards state capitalism by the United States, where the government exercises more control over institutions and companies. Canadian oil patch M&A news. Updates regarding the federal government’s Bill C-5 and its plans for advancing nation-building projects. Tariff negotiation tactics, including news that Canada is removing countervailing tariffs on the United States.  The United States is exerting more influence over the International Energy Agency (IEA), with the organization planning to reintroduce the Current Policies Scenario in the next World Energy Outlook to be released in the fall of 2025. Content referenced in this podcast: CTV, “Hodgeson ‘hopeful’ first batch of major projects announcements to start in the fall” (August 20, 2025) Calgary Herald, “Varcoe: Carney has opened the door to Canadian LNG exports — one closed by Trudeau government, says Liberal natural resources minister” (August 27, 2025) The Vassy Kapelos Show, “I know there are buyers: Federal Energy Minister bullish on LNG as a nation-building project” (August 12, 2025) Oilprice.com, “Republicans Move to Cut U.S. Funding for the IEA” (July 24, 2025) E&ENEWS by Politico, “Trump team pushes for ouster of top IEA official” (August 7, 2025) Please review our disclaimer at: https://www.arcenergyinstitute.com/disclaimer/ Check us out on social media: X (Twitter): @arcenergyinstLinkedIn: @ARC Energy Research Institute Subscribe to ARC Energy Ideas PodcastApple PodcastsAmazon MusicSpotify

Hosts dive into the pressing need for more oil and gas pipelines in Canada, discussing its critical role in the global energy market. They explore the concept of geoeconomics, revealing how nations wield economic power to shape foreign affairs and predict oil prices. The minimal impact of the recent Iran-Israel conflict on oil prices prompts a deeper analysis of market dynamics. Lastly, tensions over trade policies and tariffs, particularly toward Canada, highlight the looming uncertainties in the energy landscape.

The President of the United States signed the “Big, Beautiful Bill” into law on July 4th. The new legislation brings big changes to the future of U.S. clean energy development. It reduces many (though not all) of the Biden-era subsidies from the Inflation Reduction Act of 2022 (IRA). This week on the podcast, our guest is Mike Carr, Executive Director at SEMA Coalition—an organization supporting the U.S.-based solar supply chain. Mike has extensive experience in U.S. federal energy policy, including past positions at the Department of Energy and the U.S. Senate Committee on Energy. Jackie and Peter asked Mike: How would you characterize the Bill’s impact on U.S. clean energy, and what damage has it caused? At a high level, does this major policy shift lessen the appetite for investment, even in areas where subsidies remain, due to concerns about political uncertainty? For clean technology manufacturing, such as solar panels, do the newly introduced restrictions on Foreign Entities of Concern (like China) regarding content, intellectual property, and investment make it more challenging to qualify for the production tax credit (45X)? Renewable energy projects that commence construction within a year of the Bill’s passage can still be eligible for subsidies for the following four years; does this create a construction boom, and what happens afterward? Given China’s dominant position in manufacturing many types of clean energy technology, how should the U.S. compete? Is it better to leapfrog China with innovation, rather than simply following and producing the same technology?Please review our disclaimer at: https://www.arcenergyinstitute.com/disclaimer/ Check us out on social media: X (Twitter): @arcenergyinstLinkedIn: @ARC Energy Research Institute Subscribe to ARC Energy Ideas PodcastApple PodcastsAmazon MusicSpotify

Mark Maki, CEO of Trans Mountain Corporation, shares insights on the Trans Mountain pipeline's expansion completed last year, which tripled its capacity. He discusses the anticipated $1.25 billion payment to the Canadian government in 2025, the logistics of shipping oil by tanker, and how the pipeline impacts Canadian oil prices. Maki also explores the regulatory challenges and the potential sale of the pipeline, while addressing the complexities of further expansions and their significance for Canada’s energy future.